As per the budget for the financial year 2018-2019, the eligible amount that can be declared for the Income/Loss From House Property is limited to Rs. 2 lakhs. This amount combines both self-occupied property and let-out property, which is effective from FY 2017-18. The validations for the above-mentioned restrictions are:
Restriction is effective from FY 2017- 2018
If the loss from house is more than Rs. 2 lakhs, the limit for carry forward of losses is upto 8 years
The latest Income Tax slab as per FY 2018-19 is listed below:
|Income Rate Slab (FY 2018-19)||Tax Rate (FY2018-19)||Surcharge Rate FY (2018-19)|
|Up to Rs. 2,50,000||Nil||0%|
|Rs. 2,50,001 to Rs. 5,00,000||5%||0%|
|Rs. 5,00,001 to Rs.10,00,000||20%||0%|
|Rs. 10,00,001 to Rs. 50,00,000||30%||0%|
|Rs. 50,00,001 to Rs. 1,00,00,000||30%||10%|
|Above Rs. 1,00,00,001||30%||15%|
The following proposals have been made to reduce the rebate provided to low-income earners (under Section 87A):
the rebate is now reduced to Rs. 2,500 from the present limit of Rs. 5,000.
this rebate will be available only if the annual income is up to Rs. 3.5 lakh (earlier, Rs. 5 lakh).
Figure 1: Enable IT slab message
To know more about the changes, click here.